Bob Iger wins bitter proxy battle with activist investors over Disney board seats

Disney chief Bob Iger prevailed in a bitter proxy battle with activist traders over the corporate’s board members Wednesday.

The Mouse Home garnered a “substantial margin” of assist at its annual shareholders’ assembly, holding its board of administrators from relinquishing a board seat to Nelson Peltz, head of Trian administration, and former Disney chief monetary officer Jay Rasulo.

Blackwells Capital, one other hedge fund that nominated three board director candidates, was additionally unsuccessful in its try.

Bob Iger’s Mouse Home garnered a “substantial margin” of assist at its annual shareholders’ assembly. AFP by way of Getty Photographs

“I need to thank our shareholders for his or her belief and confidence in our board and administration,” Iger stated. “With the distracting proxy contest now behind us, we’re wanting to focus 100% of our consideration on our most essential priorities: development and worth creation for our shareholders and inventive excellence for our customers.”

Shareholders voted to elect all 12 nominees really useful by the Disney Board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice.

Reuters had reported hours earlier than the vote was forged that Disney had won enough support to end the high-profile board fight, however that didn’t cease Peltz from making his case forward in the course of the assembly.

“All we would like is to get Disney to get again to creating nice content material and delighting customers and for disney to create sustainable long-term worth,” Peltz instructed shareholders on the webcast. “Whatever the consequence of immediately’s vote, Trian will probably be watching the corporate’s efficiency.”

He famous that below the specter of the proxy battle, Disney had rolled out a string of adjustments with a view to win again traders’ confidence, together with a buzzy funding in “Fortnite” maker Epic Video games and plans to launch an ESPN streaming service in 2025. It additionally refreshed its board with two new members.

Disney World in Orlando
Shareholders voted to elect all 12 nominees really useful by Disney’s board. AP

Trian and Blackwells had argued that new blood was wanted within the board room as a result of Disney had bungled its CEO succession planing, misplaced its artistic spark and didn’t correctly harness new know-how.

“We’re immensely grateful to our shareholders for his or her funding in Disney and their perception in its future, notably throughout this era of nice change within the broader leisure trade,” Disney chairman Mark Parker added after the Mouse Home clinched the victory.

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